The unaudited preliminary indications for the insurance sector indicate that claims paid by insurance firms rose 36 percent in the first quarter of 2015 to reach OMR39 million, compared to the same period last year. The data also shows a rise of total direct premiums of the sector in the...
Al Madina Insurance Company’s board of directors has expressed interest in fully acquiring Vision Insurance, but the transaction is subject to regulatory approvals and satisfactory financial, business and legal due diligence. Gautam Datta, chief executive officer of Al Madina Insurance, said that the main objective for the acquisition was to...
Falcon Insurance, a subsidiary of Al Anwar Holding, plans to float an initial public offering on the Muscat Securities Market (MSM), the parent company said in a disclosure statement. The flotation is subject to approval by regulators and shareholders, Al Anwar Holding, which has a 51 percent stake in...
Chedid Europe Reinsurance Brokerage Limited (Chedid Re) announced its registration as a Lloyd’s broker. This announcement comes as a natural extension for the longstanding successful cooperation that started in April 1999 between Chedid Re in Cyprus and Lloyd’s, a time during which Chedid Re was operating as a Lloyd’s cover...
In a recent statement, Trust Re announced the opening of its liaison office in Bangalore, India. The office, which is officially referred to as Trust Re Liaison Office India, has the sole purpose of undertaking liaison activities; in other words it acts as a communication channel between the company's head...
World Cup insurers are likely to refuse to pay out on many cancellation contracts if Russia and Qatar lose the rights to hold the tournaments because of fraud, industry experts said. Russia and Qatar could be stripped of their World Cup hosting rights if evidence emerges of bribery in the...
A.M. Best has affirmed the financial strength rating of B++ and the issuer credit rating of “bbb+” of Arab Orient Insurance Company (gig Jordan). The outlook for both ratings remains stable. The ratings reflect gig Jordan’s leading position in its domestic insurance market, robust profitability and sound risk-adjusted capitalisation. Offsetting...
Standard & Poor's Ratings Services (S&P) has revised its outlook on Malath Cooperative Insurance & Reinsurance Co. to negative from stable. At the same time, S&P affirms long-term issuer financial strength and counterparty credit ratings on Malath at 'BBB+'. The outlook revision follows significant deterioration in Malath's capital adequacy owing...
The Insurance Authority (IA) issued the electronic financial forms (E-forms) related to the financial instructions for the traditional and Takaful insurance companies, to ensure optimum application and boost supervision and oversight over the insurance sector according to the best practices applicable worldwide. The IA requested the traditional and Takaful insurance...
The UAE Insurance Authority has cancelled licences of 12 brokers and written off registration of number of insurance brokers, the regulatory body said, according to local news sources. “The Insurance Authority (IA) of the UAE announces that it has decided to cancel licences and write off registration of the companies...
